Commonwealth of Pennsylvania Public School Empls Retrmt SYS Decreases Stake in Iridium Communications Inc. (NASDAQ:IRDM)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS cut its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 3.9% during the 4th quarter, HoldingsChannel.com reports. The fund owned 188,144 shares of the technology company’s stock after selling 7,702 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Iridium Communications were worth $5,460,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Teacher Retirement System of Texas lifted its position in Iridium Communications by 369.5% during the 4th quarter. Teacher Retirement System of Texas now owns 69,562 shares of the technology company’s stock worth $2,019,000 after acquiring an additional 54,747 shares in the last quarter. Chesapeake Capital Corp IL acquired a new position in Iridium Communications during the 4th quarter worth approximately $204,000. Intech Investment Management LLC lifted its position in Iridium Communications by 498.5% during the 4th quarter. Intech Investment Management LLC now owns 66,142 shares of the technology company’s stock worth $1,919,000 after acquiring an additional 55,091 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its position in Iridium Communications by 13.2% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock worth $82,028,000 after acquiring an additional 329,915 shares in the last quarter. Finally, LBP AM SA lifted its position in Iridium Communications by 67.0% during the 4th quarter. LBP AM SA now owns 122,075 shares of the technology company’s stock worth $3,543,000 after acquiring an additional 48,975 shares in the last quarter. 84.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently commented on IRDM shares. Barclays reduced their price target on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Cantor Fitzgerald assumed coverage on Iridium Communications in a research report on Friday, January 24th. They issued an “overweight” rating and a $40.00 target price on the stock. Finally, StockNews.com raised Iridium Communications from a “hold” rating to a “buy” rating in a research report on Friday.

Iridium Communications Stock Performance

Shares of IRDM opened at $27.65 on Friday. The business’s 50 day moving average is $29.40 and its two-hundred day moving average is $29.39. Iridium Communications Inc. has a 52-week low of $24.14 and a 52-week high of $35.85. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 29.11, a PEG ratio of 1.28 and a beta of 0.70. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The business had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. Analysts forecast that Iridium Communications Inc. will post 0.89 EPS for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.03%. Iridium Communications’s dividend payout ratio (DPR) is 58.95%.

Insider Activity

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the sale, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.00% of the company’s stock.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.